(Yicai Global) March 16 -- Multiple players from China's space industry have come together to set up a new firm to build a global Internet of Things network consisting of 80 small satellites.

Stakeholders in the newly formed Hubei Aerospace Cloud Technology Co. include Sanjiang Space Group Corp, CASIC Rocket Technology Co., Hubei Academy of Aerospace Technology's Master Design Institute and Hubei Changjiang Aerospace Industry Investment Fund, Xinhua News Agency reported.

Compared with existing traditional IoT systems, a space-based network would feature such unique features like extensive geographical coverage without blind spots in data transmission globally, while also being able to work in areas hit by natural disasters and in emergency scenarios.

Hubei Aerospace Cloud Technology will build the network in three phases based on the launch of the system's satellites, said Zhang Di, deputy general manager of Sanjiang Space Group and chairman of Hubei Aerospace Cloud Technology, adding that the program also integrates cloud computing and Big Data information service ecosystems.